Broker Name: DBS

Date of Report: June 2024 (inferred from FY25 results and IATA 2026 projections)

Excerpt from DBS report.

Report Summary
• China Aviation Oil (CAO) reported FY25 net profit of USD110.6mn, beating consensus by 14%, driven by surging jet fuel trading margins and higher contribution from Sustainable Aviation Fuel (SAF).
• CAO’s strong earnings momentum is expected to continue into 2026, supported by rising passenger volumes, healthy trading margins, and potential for higher capital returns given a substantial net cash position.

Above is an excerpt from a report by DBS. Clients of DBS can be the first to access the full report from the DBS website: https://www.dbs.com.sg